Our subscribers are short EUR/USD from 1.1260...first target the daily swing low at 1.0950...

Quick View Chart: EUR Hourly

14 October 2016/6:52 a.m. ET

EUR/USD Hourly [last 1.1016] – This setup is a bit convoluted (maybe forced); so the confidence level is moderate at best. Key daily swing support comes in at 1.0950; then 1.0909— this view targets to the 1.0909 level in a five-wave impulse move down. Viewing the recent recovery in Wave 4 as corrective…setting up for a Wave 5 thrust down in direction of the daily trend. Key n/t resistance at Wave 4 high 1.1060.